Saipan casino auction includes Rolls-Royce car, Swarovski crystal kite
An auction of the assets of Saipan's bankrupt and shuttered Imperial Pacific Resort Hotel is underway, with several deals currently being auctioned.
Imperial Pacific International Inc. (IPI) remains embroiled in a legal dispute over the carve-up of the capital of the U.S. Overseas Commonwealth of the Northern Mariana Islands and the official abandonment of its once-planned $3.9 billion luxury casino resort.
IPI is a Hong Kong-based company controlled by Chinese billionaire Cui Lijie. Cui amassed his wealth by becoming an early investor in Macau junket company Suncity.
Cui Tiankai's dream vacation in Saipan turned into a huge financial disaster. IPI owes the U.S. territory tens of millions of dollars in back royalties and regulatory obligations. The company earlier this month provided a $31 million severance package to the Northern Mariana Islands government to resolve outstanding debt.
While that process is ongoing, Saipan-based Clear Management Group, a strategy and consulting firm active in the entertainment and hospitality industries, has been appointed as receiver of the resort. In this role, Clear Management was responsible for handling the auction of the defunct casino's assets, specifically its luxury vehicles and Dragon Art structure, which included more than 2.5 million Swarovski crystals.
Saipan Casino Masterpiece
Clear Management was contacted this week to announce the start of an auction of Imperial Pacific assets. The Crystal Dragon is the most valuable item in the lot, as this dazzling piece of art is the focal point of the luxury casino hotel lobby.
The "Saipan Kite" is about 200 feet long and weighs 40 tons. A gem-encrusted crystal sculpture floats above the resort’s atrium.
"Two dragons fighting over a flaming pearl is a symbol deeply rooted in Chinese mythology," the auction website said. "Pearls are associated with spiritual energy, wisdom, prosperity, strength and immortality."
The piece was designed by Russ Waitt, a world-renowned artist based in Manhattan. The dragon is illuminated and changes color. The project combines glassmaking, metalworking and "high-tech design processes," according to Lasvit artists.
The minimum bid for the piece is $100,000, but there is a reserve, according to Clear Management. The deadline for bids is August 22, 2024.
Roll to lot
Luxury car enthusiasts may be more interested in Imperial Pacific Car Auctions.
The sale includes two 2017 Rolls-Royce Ghost vehicles, both in an extended wheelbase configuration for extra legroom. Bidding is currently around $21,000 per vehicle. The Rolls-Royce has less than 6,000 miles on it.
The base price for the 2017 Rolls-Royce Ghost is $339,775. A nationwide search for a 2017 Rolls-Royce Ghost on Autotrader shows the average sales price for similar vehicles is around $150,000.
Of course, shipping a vehicle from the middle of the Pacific back to the continental United States isn't easy or cheap. The Northern Mariana Islands are nearly 6,000 miles from the coast of California and 4,000 miles from Hawaii.
The car auction, which includes a 2017 Cadillac Escalade with less than 42,000 miles, currently has a high bid of $13,000, will run through April 11.
This isn't the first time a bankrupt casino has caused serious damage to a Rolls-Royce.
The bankrupt Hotel Thirteen in Macau, also a failed luxury casino project, saw the purchase of 30 Rolls-Royce Phantoms for $20 million before the hotel even opened. When the joint venture failed, the vehicles were sold for just $125,000 each, resulting in losses of more than $500,000 per vehicle.
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Source: www.casino.org
